California Public Employees Retirement System increased its stake in shares of Progress Software Corp. (NASDAQ:PRGS) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,262 shares of the company’s stock after buying an additional 800 shares during the period. California Public Employees Retirement System owned about 0.12% of Progress Software Corp. worth $1,600,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PRGS. Aperio Group LLC increased its position in Progress Software Corp. by 56.7% in the first quarter. Aperio Group LLC now owns 14,544 shares of the company’s stock valued at $351,000 after buying an additional 5,261 shares during the period. Virginia Retirement System bought a new position in Progress Software Corp. during the first quarter valued at $671,000. Teachers Advisors Inc. increased its position in Progress Software Corp. by 3.3% in the first quarter. Teachers Advisors Inc. now owns 653,435 shares of the company’s stock valued at $15,761,000 after buying an additional 21,053 shares during the period. Zebra Capital Management LLC bought a new position in Progress Software Corp. during the first quarter valued at $274,000. Finally, UBS Group AG increased its position in Progress Software Corp. by 106.7% in the first quarter. UBS Group AG now owns 33,620 shares of the company’s stock valued at $811,000 after buying an additional 17,352 shares during the period. Institutional investors own 92.65% of the company’s stock.
Progress Software Corp. (NASDAQ:PRGS) traded up 1.54% during midday trading on Monday, hitting $27.75. The company had a trading volume of 38,260 shares. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80. The firm has a market capitalization of $1.35 billion, a P/E ratio of 161.34 and a beta of 1.14. The company has a 50 day moving average price of $28.27 and a 200 day moving average price of $27.04.
Progress Software Corp. (NASDAQ:PRGS) last announced its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.01. The company had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. Progress Software Corp.’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. Equities research analysts forecast that Progress Software Corp. will post $1.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, November 29th.
Several brokerages have recently commented on PRGS. Wedbush boosted their price objective on Progress Software Corp. from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, June 24th. TheStreet upgraded Progress Software Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 30th. JMP Securities restated a “hold” rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. Zacks Investment Research upgraded Progress Software Corp. from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Thursday, July 7th. Finally, Ladenburg Thalmann downgraded Progress Software Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Progress Software Corp. currently has an average rating of “Hold” and a consensus price target of $28.38.
In other news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.
About Progress Software Corp.
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
Want to see what other hedge funds are holding PRGS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progress Software Corp. (NASDAQ:PRGS).
Receive News & Ratings for Progress Software Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software Corp. and related companies with MarketBeat.com's FREE daily email newsletter.